Information on the target
INVL Asset Management, a leading alternative asset manager in the Baltic States, has acquired an 86% stake in "Rudina Invest," the controlling company of "Rudina." The company is currently executing Phase II, Part A of the Rūdninkai military base project, under a partnership agreement signed with the Ministry of National Defence on January 15, 2026. The transaction is being conducted in two phases, with shares acquired at a nominal value. In the subsequent phase of the project, the fund, along with consortium partners, will increase the company's share capital.
This acquisition aligns with a prior agreement reached by INVL Asset Management with consortium partners Conres and Fegda, whereby INVL Defence Infrastructure Fund I serves as the financial partner for the project, while the other consortium members are responsible for its development, oversight, and management. According to the consortium agreement, Conres and Fegda jointly hold the remaining 14% of the controlling company's shares, with partners investing equity in proportion to their shareholdings.
Industry overview in the target’s specific country
The National Security & International Affairs industry in Lithuania has seen significant growth and transformation in recent years, driven by geopolitical developments and the increasing importance of defense capabilities. As a member of NATO and the European Union, Lithuania has prioritized national security, leading to increased defense spending and a focus on modernizing military infrastructure. This strategic emphasis has created a robust environment for investments in defense-related projects, including infrastructure development, technology acquisition, and personnel training.
In response to regional security challenges, Lithuania has established various partnerships and collaborations with international defense organizations and allies. This has not only enhanced the country's defense capabilities but also attracted foreign investments in the National Security sector. The Lithuanian government has implemented policies aimed at fostering innovation and technological advancements within the defense industry, further solidifying its position as a key player in the region.
The demand for advanced military infrastructure and services continues to rise, driven by the need for enhanced operational readiness and strategic deterrence. As a result, private equity investments in the National Security & International Affairs sector are becoming increasingly attractive, with institutional investors recognizing the potential for stable returns and long-term growth. The collaboration between public and private sectors is essential for addressing the evolving security landscape and ensuring the effective implementation of defense initiatives.
Furthermore, Lithuania's commitment to transparency and accountability in defense spending has bolstered investor confidence. The government actively engages with stakeholders to ensure that investments are directed towards projects that enhance n…